What is Superannuation?

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Matt

March 22, 2016

If you are in Australia on an Australian working visa, don’t miss out on claiming your superannuation after you depart the country.

Superannuation is monetary contributions made by your employer into a super fund which is essentially a retirement fund. Your employer is required by law to pay at least 9.5% of your salary or wage into a Super fund.

If you are in Australia on a working visa, you may be eligible to claim your superannuation payments upon leaving the country as a departing Australia superannuation payment (DASP). You can apply for your DASP after you have left the country and your Australian visa has expired.

To claim your Super, you will have to apply through the Australian Tax Office who will process your application and track down any Super you have earned.

Make sure you keep track of your employer’s super account details, as well as your own super fund details and Tax File Number as you will need them when you leave Australia.

Once your application has been approved, your Super funds will be transferred to you usually within about 28 days.